In the crypto mining world, a company without real technical muscle does not last long.

At bottom, the fight comes down to two things: whether the scale is big enough, and whether the technical moat is deep enough.

Recently, Bitdeer, the company backed by Jihan Wu, released its December 2025 results.

At a time when everyone is talking about harder mining and thinner margins, the numbers look counterintuitive, throwing a dose of heat into a sector still stuck in winter.

Start with the most visible figure: in December, Bitdeer narrowed the gap with MARA, the largest public Bitcoin miner, producing 636 bitcoin. That implies effective computing power of 51.2 EH/s, up 20% from November.

Bitdeer said on Tuesday that the December production increase was mainly driven by the continued deployment of its self-developed SEALMINER mining rig fleet.

Based on network-level assumptions, that output suggests the company's effective computing power is already approaching MARA's.

Keep in mind that network-wide computing power is still inflating and mining difficulty has barely fallen. Against that backdrop, being able to draw this kind of growth curve comes down, plainly, to operational execution.

Computing Power Scale Is the Anchor

Many people look at a miner's financials and go straight to how many coins it mined.

But in truth, bitcoin prices and difficulty adjustments are largely dictated by the market. They swing too much. What really shows a miner's level is how much computing power it controls, and how that computing power is being run.

By the end of 2025, Bitdeer's managed proprietary computing power had reached 58 EH/s. The standout was self-mining computing power, which climbed to 55.2 EH/s in December, a leap from the same period in 2024.

How did it get there? This is not something a company can build simply by buying a few machines and stacking them up. Behind it are global power scheduling capabilities and operations so granular they run deep into the system.

The logic of competition has changed: it is no longer just about how many machines you have, but how much value you can squeeze out of every kilowatt-hour.

Digging the Moat Deeper

In this monthly report, what I find more interesting than the 636 BTC is the rollout of Bitdeer's Sealminer.

For miners, the biggest headache used to be getting squeezed by upstream chip suppliers. The machines were expensive, and buyers still had to wait on suppliers' production schedules.

Jihan Wu clearly had no intention of taking that hit forever, so Bitdeer moved early into vertical integration and started making its own chips. Frankly, the progress has been faster than many expected.

In September 2025, the SealMiner A3, powered by the SEAL03 chip, went on sale. Its 9.7 J/TH energy-efficiency ratio is genuinely notable and puts it firmly in the industry's top tier.

The impact is significant: while other miners are still calculating when their next batch of machines will arrive and whether the price is too high, Bitdeer has already achieved hardware independence.

That shift from 'a company that mines' to 'a company that builds mining rigs' is an asymmetric strike against peers.

AI Computing Power: More Than a Side Bet

The report also mentioned AI cloud computing, which has become Bitdeer's second growth curve.

With everyone discussing the Bitcoin halving, relying purely on crypto mining does carry the feel of living at the mercy of the weather.

Bitdeer has been fairly sharp here. Using low-cost infrastructure in places such as Bhutan, it has deployed NVIDIA high-performance clusters and built dedicated computing power for large-model training.

It is a deft move: the mining business preserves cash flow and hedges volatility, while AI computing power expands the valuation case and gives the company a new story to tell.

This dual-engine model means it is no longer just a hard-labor 'miner,' but is turning into a digital energy operator.

Computing Power Dominance Is the Ultimate Voice

After all the twists in the mining world, companies are discovering that the finish line is not really 'how many coins did you mine,' but 'who controls the underlying physical computing power.'

Looking back at Bitdeer's 2025, Jihan Wu's strategy is clear: self-developed chips, a global hunt for power, and an AI pivot.

That combination has been executed steadily, protecting today's cash flow while securing a position for the future.

One final thought: computing power competition has now entered a heavy mechanized phase. The old retail era, when people could mine by putting a few machines at home, has truly become history.

The rules now are simple: whoever can push the efficiency of every kilowatt-hour and every chip to the limit will be the maker of this track.

In 2026, this hard-core contest over computing power will probably only get more intense.